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Know Your Numbers (Episode 2) – Lead Indicators
You’re here to:
- Learn something
- Understand whether there’s something you should be doing in your business that you’re not
- Learn whether you should be doing something better
In this case, you could be using your numbers better to manage your business better and make more money.
I’m hoping to persuade you that’s exactly what we should be doing, that you should be using your numbers better. You should be tracking your numbers and using them to make decisions in your business about what to change.
I’m going to make a small video here.
It’s quite a big topic so you’re going to get a portion that I hope will encourage you to go and investigate further.
Then, you can download your ‘Know Your Numbers’ workbook and then, the ‘Big Numbers Tracker’ and start tracking your own numbers. There’ll be a button at the end of this blog.
Big Numbers, Revenue, Gross Profit and Net profit
In Episode 1, I talked about the Big Numbers, Revenue, Gross profit and Net profit and how important it is to keep an eye on them.
They’re called lag indicators — they lag behind what happened and track your revenue from last month.
Today I want to talk about ‘lead indicators.’
I’m talking about two things:
- Your marketing activity; and
- Your quote tracker
They are both simple.
Your Marketing Activity
Marketing activity is your marketing activity. We track either how much you spend or how many calls to potential customers get made, either by you or by someone who works for you. That can be both if you do both.
Marketing activity is really important. If you do plenty, you’ll be busy. And if you don’t, you probably won’t. You’re certainly leaving it to chance if you don’t do any marketing.
Word of mouth is out of your control. It comes or it doesn’t but it’s entirely up to the world